UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number |
811-08673 | |||||
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Dreyfus Investment Portfolios |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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John Pak, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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12/31 |
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Date of reporting period: |
03/31/13 |
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STATEMENT OF INVESTMENTS | |||
Dreyfus Investment Portfolios, Core Value Portfolio | |||
March 31, 2013 (Unaudited) | |||
Common Stocks--99.8% | Shares | Value ($) | |
Automobiles & Components--2.3% | |||
Delphi Automotive | 3,850 | 170,940 | |
General Motors | 7,430a,b | 206,703 | |
Johnson Controls | 9,620 | 337,373 | |
715,016 | |||
Banks--4.9% | |||
Comerica | 10,230 | 367,769 | |
Fifth Third Bancorp | 13,310 | 217,086 | |
PNC Financial Services Group | 4,120 | 273,980 | |
Wells Fargo & Co. | 18,690 | 691,343 | |
1,550,178 | |||
Capital Goods--7.3% | |||
Cummins | 3,890 | 450,501 | |
Eaton | 7,100 | 434,875 | |
General Electric | 39,730 | 918,558 | |
Honeywell International | 6,670 | 502,584 | |
2,306,518 | |||
Commercial & Professional Services--.2% | |||
Pitney Bowes | 5,270a | 78,312 | |
Consumer Durables & Apparel--2.1% | |||
Newell Rubbermaid | 18,330 | 478,413 | |
PVH | 1,920 | 205,075 | |
683,488 | |||
Consumer Services--1.5% | |||
Carnival | 13,490 | 462,707 | |
Diversified Financials--15.3% | |||
Ameriprise Financial | 5,560 | 409,494 | |
Bank of America | 53,090 | 646,636 | |
Capital One Financial | 2,930 | 161,004 | |
Citigroup | 15,876 | 702,354 | |
Discover Financial Services | 3,450 | 154,698 | |
Franklin Resources | 1,340 | 202,085 | |
Goldman Sachs Group | 3,340 | 491,481 | |
Invesco | 5,520 | 159,859 |
JPMorgan Chase & Co. | 20,040 | 951,098 | |
Moody's | 8,300 | 442,556 | |
Morgan Stanley | 10,010 | 220,020 | |
TD Ameritrade Holding | 15,740 | 324,559 | |
4,865,844 | |||
Energy--12.0% | |||
Anadarko Petroleum | 5,630 | 492,344 | |
Cameron International | 5,460b | 355,992 | |
Chevron | 5,530 | 657,075 | |
EOG Resources | 2,510 | 321,456 | |
Hess | 5,650 | 404,597 | |
Occidental Petroleum | 6,020 | 471,787 | |
Phillips 66 | 4,890 | 342,153 | |
Schlumberger | 1,970 | 147,533 | |
Valero Energy | 13,430 | 610,931 | |
3,803,868 | |||
Exchange-Traded Funds--.2% | |||
iShares Russell 1000 Value Index | |||
Fund | 900 | 73,053 | |
Food & Staples Retailing--1.3% | |||
CVS Caremark | 7,230 | 397,578 | |
Food, Beverage & Tobacco--5.1% | |||
Coca-Cola Enterprises | 8,780 | 324,158 | |
ConAgra Foods | 16,070 | 575,467 | |
Dean Foods | 10,790b | 195,623 | |
Kraft Foods Group | 5,853 | 301,605 | |
PepsiCo | 2,910 | 230,210 | |
1,627,063 | |||
Health Care Equipment & Services--3.3% | |||
Baxter International | 5,360 | 389,350 | |
Cigna | 4,660 | 290,644 | |
Humana | 940 | 64,963 | |
McKesson | 2,770 | 299,049 | |
1,044,006 | |||
Household & Personal Products--.6% | |||
Avon Products | 9,190 | 190,509 | |
Insurance--6.3% | |||
American International Group | 9,860b | 382,765 | |
Aon | 4,070 | 250,305 | |
Chubb | 4,880 | 427,146 |
Marsh & McLennan | 8,430 | 320,087 | |
MetLife | 10,260 | 390,085 | |
Prudential Financial | 4,130 | 243,629 | |
2,014,017 | |||
Materials--3.5% | |||
Eastman Chemical | 2,240 | 156,509 | |
International Paper | 8,610 | 401,054 | |
LyondellBasell Industries, Cl. A | 6,050 | 382,905 | |
Packaging Corporation of America | 3,860 | 173,198 | |
1,113,666 | |||
Media--7.0% | |||
News Corp., Cl. A | 13,920 | 424,838 | |
Omnicom Group | 5,190 | 305,691 | |
Time Warner | 9,523 | 548,715 | |
Viacom, Cl. B | 7,560 | 465,469 | |
Walt Disney | 8,690 | 493,592 | |
2,238,305 | |||
Pharmaceuticals, Biotech & Life Sciences--10.0% | |||
Eli Lilly & Co. | 4,550 | 258,395 | |
Johnson & Johnson | 7,970 | 649,794 | |
Merck & Co. | 12,010 | 531,202 | |
Mylan | 9,990b | 289,111 | |
Pfizer | 49,730 | 1,435,208 | |
Zoetis | 524 | 17,502 | |
3,181,212 | |||
Retailing--2.5% | |||
American Eagle Outfitters | 7,630 | 142,681 | |
Best Buy | 11,270a | 249,631 | |
Lowe's | 4,120 | 156,230 | |
Macy's | 6,080 | 254,387 | |
802,929 | |||
Semiconductors & Semiconductor Equipment--2.7% | |||
Applied Materials | 16,680 | 224,846 | |
Texas Instruments | 17,860 | 633,673 | |
858,519 | |||
Software & Services--2.3% | |||
Google, Cl. A | 205b | 162,776 | |
Oracle | 17,830 | 576,622 | |
739,398 | |||
Technology Hardware & Equipment--6.5% |
Cisco Systems | 39,620 | 828,454 | ||
Corning | 10,930 | 145,697 | ||
EMC | 12,560 | b | 300,058 | |
QUALCOMM | 6,190 | 414,421 | ||
SanDisk | 6,790 | b | 373,450 | |
2,062,080 | ||||
Transportation--1.4% | ||||
FedEx | 4,480 | 439,936 | ||
Utilities--1.5% | ||||
NRG Energy | 18,160 | 481,058 | ||
Total Common Stocks | ||||
(cost $26,905,628) | 31,729,260 | |||
Other Investment--.1% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $16,630) | 16,630 | c | 16,630 | |
Investment of Cash Collateral for | ||||
Securities Loaned--.3% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $105,591) | 105,591 | c | 105,591 | |
Total Investments (cost $27,027,849) | 100.2 | % | 31,851,481 | |
Liabilities, Less Cash and Receivables | (.2 | %) | (59,418) | |
Net Assets | 100.0 | % | 31,792,063 |
a Security, or portion thereof, on loan. At March 31, 2013, the value of the fund's securities on loan was $219,792 and the |
value of the collateral held by the fund was $225,933, consisting of cash collateral of $105,591 and U.S. Government & Agency |
securities valued at $120,342. |
b Non-income producing security. |
c Investment in affiliated money market mutual fund. |
At March 31, 2013, net unrealized appreciation on investments was $4,823,632 of which $5,469,650 related to appreciated investment securities and $646,018 related to depreciated investment securities. At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Diversified Financials | 15.3 |
Energy | 12.0 |
Pharmaceuticals, Biotech & Life Sciences | 10.0 |
Capital Goods | 7.3 |
Media | 7.0 |
Technology Hardware & Equipment | 6.5 |
Insurance | 6.3 |
Food, Beverage & Tobacco | 5.1 |
Banks | 4.9 |
Materials | 3.5 |
Health Care Equipment & Services | 3.3 |
Semiconductors & Semiconductor Equipment | 2.7 |
Retailing | 2.5 |
Automobiles & Components | 2.3 |
Software & Services | 2.3 |
Consumer Durables & Apparel | 2.1 |
Consumer Services | 1.5 |
Utilities | 1.5 |
Transportation | 1.4 |
Food & Staples Retailing | 1.3 |
Household & Personal Products | .6 |
Money Market Investments | .4 |
Commercial & Professional Services | .2 |
Exchange-Traded Funds | .2 |
100.2 |
† | Based on net assets. |
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 31,656,207 | - | - | 31,656,207 |
Exchange-Traded Funds | 73,053 | - | - | 73,053 |
Mutual Funds | 122,221 | - | - | 122,221 |
+ See Statement of Investments for additional detailed categorizations. |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS | |||
Dreyfus Investment Portfolios, Midcap Stock Portfolio | |||
March 31, 2013 (Unaudited) | |||
Common Stocks--99.3% | Shares | Value ($) | |
Automobiles & Components--.8% | |||
Thor Industries | 35,400 | 1,302,366 | |
Banks--3.5% | |||
Associated Banc-Corp | 134,000 | 2,035,460 | |
Cathay General Bancorp | 50,900 | 1,024,108 | |
Comerica | 11,900 | 427,805 | |
Huntington Bancshares | 35,100 | 259,389 | |
Regions Financial | 101,400 | 830,466 | |
Webster Financial | 50,500 | 1,225,130 | |
5,802,358 | |||
Capital Goods--11.8% | |||
AECOM Technology | 54,400a | 1,784,320 | |
Alliant Techsystems | 27,800 | 2,013,554 | |
Gardner Denver | 13,400 | 1,006,474 | |
Granite Construction | 36,000 | 1,146,240 | |
IDEX | 39,700 | 2,120,774 | |
ITT | 58,200 | 1,654,626 | |
Lennox International | 42,100 | 2,672,929 | |
Lincoln Electric Holdings | 43,600 | 2,362,248 | |
Oshkosh | 34,800a | 1,478,652 | |
Terex | 18,600a | 640,212 | |
Textron | 22,700 | 676,687 | |
Timken | 22,600 | 1,278,708 | |
WABCO Holdings | 6,000a | 423,540 | |
19,258,964 | |||
Commercial & Professional Services--1.5% | |||
Deluxe | 53,600 | 2,219,040 | |
Herman Miller | 5,900 | 163,253 | |
2,382,293 | |||
Consumer Durables & Apparel--3.2% | |||
Carter's | 38,900a | 2,227,803 | |
Hanesbrands | 61,800a | 2,815,608 | |
PulteGroup | 7,600a | 153,824 | |
5,197,235 |
Consumer Services--1.1% | |||
Bally Technologies | 30,000a | 1,559,100 | |
Wyndham Worldwide | 4,700 | 303,056 | |
1,862,156 | |||
Diversified Financials--4.4% | |||
American Capital | 44,200a | 645,099 | |
Apollo Investment | 95,800 | 800,888 | |
Discover Financial Services | 16,300 | 730,892 | |
Greenhill & Co. | 19,100b | 1,019,558 | |
Moody's | 3,700 | 197,284 | |
SEI Investments | 66,600 | 1,921,410 | |
Waddell & Reed Financial, Cl. A | 42,800 | 1,873,784 | |
7,188,915 | |||
Energy--6.2% | |||
HollyFrontier | 59,900 | 3,081,855 | |
Marathon Petroleum | 13,700 | 1,227,520 | |
Oceaneering International | 27,600 | 1,832,916 | |
Plains Exploration & Production | 6,900a | 327,543 | |
Tesoro | 14,900 | 872,395 | |
Tidewater | 40,300b | 2,035,150 | |
Valero Energy | 15,800 | 718,742 | |
10,096,121 | |||
Food, Beverage & Tobacco--2.8% | |||
Hillshire Brands | 56,800 | 1,996,520 | |
Tootsie Roll Industries | 11,639b | 348,122 | |
Universal | 39,500b | 2,213,580 | |
4,558,222 | |||
Health Care Equipment & Services--6.1% | |||
Hill-Rom Holdings | 35,000 | 1,232,700 | |
Humana | 4,300 | 297,173 | |
Owens & Minor | 6,500b | 211,640 | |
Patterson | 12,200 | 464,088 | |
ResMed | 52,800b | 2,447,808 | |
STERIS | 31,300 | 1,302,393 | |
Thoratec | 63,600a | 2,385,000 | |
Universal Health Services, Cl. B | 26,500 | 1,692,555 | |
10,033,357 | |||
Household & Personal Products--2.6% | |||
Church & Dwight | 32,100 | 2,074,623 | |
Energizer Holdings | 17,400 | 1,735,302 |
Nu Skin Enterprises, Cl. A | 10,000b | 442,000 | |
4,251,925 | |||
Insurance--4.1% | |||
Everest Re Group | 11,800 | 1,532,348 | |
First American Financial | 31,600 | 808,012 | |
Lincoln National | 12,700 | 414,147 | |
Protective Life | 45,000 | 1,611,000 | |
Reinsurance Group of America | 39,100 | 2,333,097 | |
6,698,604 | |||
Materials--5.1% | |||
Ball | 3,400 | 161,772 | |
Domtar | 12,000 | 931,440 | |
Minerals Technologies | 58,200 | 2,415,882 | |
NewMarket | 8,320b | 2,166,195 | |
Packaging Corporation of America | 3,800 | 170,506 | |
Worthington Industries | 79,100 | 2,450,518 | |
8,296,313 | |||
Media--2.2% | |||
Scholastic | 53,300 | 1,420,445 | |
Valassis Communications | 72,200b | 2,156,614 | |
3,577,059 | |||
Pharmaceuticals, Biotech & Life Sciences--5.2% | |||
Agilent Technologies | 15,800 | 663,126 | |
Charles River Laboratories | |||
International | 30,400a | 1,345,808 | |
Mettler-Toledo International | 13,900a | 2,963,758 | |
Techne | 12,800 | 868,480 | |
United Therapeutics | 25,100a | 1,527,837 | |
Warner Chilcott, Cl. A | 84,100 | 1,139,555 | |
8,508,564 | |||
Real Estate--9.7% | |||
BRE Properties | 24,500c | 1,192,660 | |
Camden Property Trust | 15,600c | 1,071,408 | |
CBL & Associates Properties | 87,500c | 2,065,000 | |
Corrections Corp. of America | 65,400 | 2,555,178 | |
Duke Realty | 63,000c | 1,069,740 | |
Extra Space Storage | 12,500c | 490,875 | |
Kimco Realty | 10,500c | 235,200 | |
Liberty Property Trust | 32,300c | 1,283,925 | |
Macerich | 5,747c | 369,992 |
Mack-Cali Realty | 46,600c | 1,333,226 | |
National Retail Properties | 37,400b,c | 1,352,758 | |
Omega Healthcare Investors | 37,900c | 1,150,644 | |
Weingarten Realty Investors | 52,800c | 1,665,840 | |
15,836,446 | |||
Retailing--6.4% | |||
Aaron's | 39,500 | 1,132,860 | |
American Eagle Outfitters | 117,600 | 2,199,120 | |
ANN | 60,200a | 1,747,004 | |
Chico's FAS | 68,600 | 1,152,480 | |
Dillard's, Cl. A | 21,300 | 1,673,115 | |
GameStop, Cl. A | 23,500b | 657,295 | |
O'Reilly Automotive | 8,700a | 892,185 | |
PetSmart | 14,900 | 925,290 | |
10,379,349 | |||
Semiconductors & Semiconductor Equipment--.7% | |||
Cree | 8,000a,b | 437,680 | |
LSI | 107,400a | 728,172 | |
1,165,852 | |||
Software & Services--11.0% | |||
Acxiom | 48,100a | 981,240 | |
CA | 73,000 | 1,837,410 | |
Cadence Design Systems | 147,300a | 2,051,889 | |
CoreLogic | 82,700a | 2,138,622 | |
DST Systems | 27,444 | 1,955,934 | |
FactSet Research Systems | 11,000b | 1,018,600 | |
Fair Isaac | 27,600 | 1,261,044 | |
Intuit | 11,000 | 722,150 | |
Lender Processing Services | 84,200 | 2,143,732 | |
Synopsys | 54,200a | 1,944,696 | |
Total System Services | 76,900 | 1,905,582 | |
17,960,899 | |||
Technology Hardware & Equipment--3.7% | |||
Brocade Communications Systems | 328,100a | 1,893,137 | |
Harris | 45,000 | 2,085,300 | |
Lexmark International, Cl. A | 20,200b | 533,280 | |
Plantronics | 33,800 | 1,493,622 | |
6,005,339 | |||
Transportation--1.9% | |||
Alaska Air Group | 48,700a | 3,114,852 |
Utilities--5.3% | ||||
Edison International | 35,800 | 1,801,456 | ||
IDACORP | 45,800 | 2,210,766 | ||
NV Energy | 129,600 | 2,595,888 | ||
Wisconsin Energy | 47,500 | 2,037,275 | ||
8,645,385 | ||||
Total Common Stocks | ||||
(cost $132,145,424) | 162,122,574 | |||
Other Investment--.7% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $1,168,723) | 1,168,723 | d | 1,168,723 | |
Investment of Cash Collateral for | ||||
Securities Loaned--8.7% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $14,248,515) | 14,248,515 | d | 14,248,515 | |
Total Investments (cost $147,562,662) | 108.7 | % | 177,539,812 | |
Liabilities, Less Cash and Receivables | (8.7 | %) | (14,244,597) | |
Net Assets | 100.0 | % | 163,295,215 |
a Non-income producing security. |
b Security, or portion thereof, on loan. At March 31, 2013, the value of the fund's securities on loan was $13,976,652 and the |
value of the collateral held by the fund was $14,248,515. |
c Investment in real estate investment trust. |
d Investment in affiliated money market mutual fund. |
At March 31, 2013, net unrealized appreciation on investments was $29,977,150 of which $31,583,056 related to appreciated investment securities and $1,605,906 related to depreciated investment securities. At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Capital Goods | 11.8 |
Software & Services | 11.0 |
Real Estate | 9.7 |
Money Market Investments | 9.4 |
Retailing | 6.4 |
Energy | 6.2 |
Health Care Equipment & Services | 6.1 |
Utilities | 5.3 |
Pharmaceuticals, Biotech & Life Sciences | 5.2 |
Materials | 5.1 |
Diversified Financials | 4.4 |
Insurance | 4.1 |
Technology Hardware & Equipment | 3.7 |
Banks | 3.5 |
Consumer Durables & Apparel | 3.2 |
Food, Beverage & Tobacco | 2.8 |
Household & Personal Products | 2.6 |
Media | 2.2 |
Transportation | 1.9 |
Commercial & Professional Services | 1.5 |
Consumer Services | 1.1 |
Automobiles & Components | .8 |
Semiconductors & Semiconductor Equipment | .7 |
108.7 |
† | Based on net assets. |
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 162,122,574 | - | - | 162,122,574 |
Mutual Funds | 15,417,238 | - | - | 15,417,238 |
+ See Statement of Investments for additional detailed categorizations. |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS | |||
Dreyfus Investment Portfolios, Small Cap Stock Index Portfolio | |||
March 31, 2013 (Unaudited) | |||
Common Stocks--98.6% | Shares | Value ($) | |
Automobiles & Components--.6% | |||
Dorman Products | 11,361a | 422,743 | |
Drew Industries | 6,031 | 218,986 | |
Spartan Motors | 7,328 | 38,912 | |
Standard Motor Products | 10,328 | 286,292 | |
Superior Industries International | 10,606 | 198,120 | |
Winnebago Industries | 12,169b | 251,168 | |
1,416,221 | |||
Banks--7.4% | |||
Bank Mutual | 27,428 | 151,677 | |
Bank of the Ozarks | 11,232 | 498,139 | |
Banner | 9,833 | 312,984 | |
BBCN Bancorp | 34,987 | 456,930 | |
Boston Private Financial Holdings | 41,994 | 414,901 | |
Brookline Bancorp | 22,621 | 206,756 | |
City Holding | 7,252a | 288,557 | |
Columbia Banking System | 24,426a | 536,883 | |
Community Bank System | 14,522a | 430,287 | |
CVB Financial | 38,119 | 429,601 | |
Dime Community Bancshares | 7,250 | 104,110 | |
F.N.B. | 58,523 | 708,128 | |
First BanCorp | 39,658a,b | 247,069 | |
First Commonwealth Financial | 42,767 | 319,042 | |
First Financial Bancorp | 24,831 | 398,538 | |
First Financial Bankshares | 11,395a | 553,797 | |
First Midwest Bancorp | 33,214 | 441,082 | |
Glacier Bancorp | 35,298 | 669,956 | |
Hanmi Financial | 15,168b | 242,688 | |
Home Bancshares | 12,036 | 453,396 | |
Independent Bank | 7,867a | 256,386 | |
MB Financial | 23,424 | 566,158 | |
National Penn Bancshares | 55,516 | 593,466 |
NBT Bankcorp | 18,460 | 408,889 | |
Northwest Bancshares | 39,857 | 505,785 | |
Old National Bancorp | 44,610 | 613,388 | |
Oritani Financial | 20,565 | 318,552 | |
PacWest Bancorp | 16,552a | 481,829 | |
Pinnacle Financial Partners | 16,719b | 390,556 | |
PrivateBancorp | 28,811 | 544,816 | |
Provident Financial Services | 19,365 | 295,704 | |
S&T Bancorp | 8,510 | 157,775 | |
Simmons First National, Cl. A | 8,006 | 202,712 | |
Sterling Bancorp | 12,384 | 125,821 | |
Susquehanna Bancshares | 86,804 | 1,078,974 | |
Texas Capital Bancshares | 15,889b | 642,710 | |
Tompkins Financial | 3,227 | 136,438 | |
TrustCo Bank | 45,331 | 252,947 | |
UMB Financial | 12,637 | 620,098 | |
Umpqua Holdings | 54,109 | 717,485 | |
United Bankshares | 17,128a | 455,776 | |
United Community Banks | 16,087b | 182,427 | |
ViewPoint Financial Group | 14,598 | 293,566 | |
Wilshire Bancorp | 37,126b | 251,714 | |
Wintrust Financial | 14,480 | 536,339 | |
18,494,832 | |||
Capital Goods--10.2% | |||
A.O. Smith | 17,782 | 1,308,222 | |
AAON | 10,961 | 302,414 | |
AAR | 16,387 | 301,357 | |
Actuant, Cl. A | 32,184 | 985,474 | |
Aegion | 16,845b | 389,962 | |
Aerovironment | 7,183b | 130,228 | |
Albany International, Cl. A | 12,629 | 364,978 | |
American Science & Engineering | 4,141 | 252,560 | |
Apogee Enterprises | 13,072 | 378,434 | |
Applied Industrial Technologies | 18,554 | 834,930 | |
Astec Industries | 8,071 | 281,920 | |
AZZ | 10,742 | 517,764 | |
Barnes Group | 20,907 | 604,840 | |
Belden | 19,517 | 1,008,053 |
Brady, Cl. A | 21,628 | 725,187 | |
Briggs & Stratton | 23,330a | 578,584 | |
CIRCOR International | 6,164 | 261,970 | |
Comfort Systems USA | 20,110 | 283,350 | |
Cubic | 6,103 | 260,720 | |
Curtiss-Wright | 18,844 | 653,887 | |
Dycom Industries | 14,232b | 280,228 | |
EMCOR Group | 29,178 | 1,236,855 | |
Encore Wire | 9,751 | 341,480 | |
EnerSys | 22,333b | 1,017,938 | |
Engility Holdings | 6,826b | 163,687 | |
EnPro Industries | 7,337b | 375,434 | |
ESCO Technologies | 10,735 | 438,632 | |
Federal Signal | 22,865b | 186,121 | |
Franklin Electric | 14,210 | 477,030 | |
GenCorp | 29,247a,b | 388,985 | |
Gibraltar Industries | 12,694b | 231,665 | |
Griffon | 13,741 | 163,793 | |
II-VI | 22,525b | 383,826 | |
John Bean Technologies | 13,340 | 276,805 | |
Kaman | 10,603 | 376,088 | |
Kaydon | 16,813 | 430,077 | |
Lindsay | 5,766a | 508,446 | |
Lydall | 11,720b | 179,902 | |
Moog, Cl. A | 19,198b | 879,844 | |
Mueller Industries | 13,351 | 711,475 | |
National Presto Industries | 1,395 | 112,298 | |
NCI Building Systems | 8,117b | 140,992 | |
Orbital Sciences | 25,974b | 433,506 | |
Powell Industries | 2,685b | 141,150 | |
Quanex Building Products | 14,208 | 228,749 | |
Simpson Manufacturing | 16,422 | 502,677 | |
Standex International | 5,240 | 289,353 | |
Teledyne Technologies | 15,025b | 1,178,561 | |
Tennant | 9,358 | 454,424 | |
Titan International | 20,360a | 429,189 | |
Toro | 26,683 | 1,228,485 | |
Universal Forest Products | 6,831 | 271,942 |
Vicor | 13,177b | 65,490 | |
Watts Water Technologies, Cl. A | 13,539 | 649,737 | |
25,599,698 | |||
Commercial & Professional Services--3.2% | |||
ABM Industries | 20,305 | 451,583 | |
CDI | 9,581 | 164,793 | |
Consolidated Graphics | 4,355b | 170,280 | |
Dolan | 10,306b | 24,631 | |
Exponent | 6,334 | 341,656 | |
G&K Services, Cl. A | 7,384 | 336,046 | |
Healthcare Services Group | 29,635 | 759,545 | |
Heidrick & Struggles International | 7,267 | 108,642 | |
Insperity | 9,294 | 263,671 | |
Interface | 22,623 | 434,814 | |
Kelly Services, Cl. A | 11,908 | 222,441 | |
Korn/Ferry International | 20,274b | 362,094 | |
Mobile Mini | 15,430b | 454,105 | |
Navigant Consulting | 23,821b | 313,008 | |
On Assignment | 16,241b | 411,060 | |
Resources Connection | 23,568 | 299,314 | |
Tetra Tech | 27,933b | 851,677 | |
TrueBlue | 17,956b | 379,590 | |
UniFirst | 6,185 | 559,743 | |
United Stationers | 19,325 | 746,911 | |
Viad | 10,582 | 292,698 | |
7,948,302 | |||
Consumer Durables & Apparel--4.8% | |||
American Greetings, Cl. A | 16,474a | 265,231 | |
Arctic Cat | 7,551b | 329,979 | |
Blyth | 5,414a | 93,987 | |
Brunswick | 39,666 | 1,357,371 | |
Callaway Golf | 18,687 | 123,708 | |
Crocs | 41,841b | 620,084 | |
Ethan Allen Interiors | 10,168a | 334,731 | |
Fifth & Pacific | 47,848b | 903,370 | |
Helen of Troy | 12,131b | 465,345 | |
Iconix Brand Group | 30,984b | 801,556 | |
iRobot | 11,801a,b | 302,814 |
JAKKS Pacific | 9,325a | 97,819 | |
K-Swiss, Cl. A | 7,151b | 33,896 | |
La-Z-Boy | 22,258 | 420,008 | |
M/I Homes | 8,152b | 199,316 | |
Maidenform Brands | 8,073b | 141,520 | |
Meritage Homes | 11,658b | 546,294 | |
Movado Group | 9,083 | 304,462 | |
Oxford Industries | 5,572 | 295,873 | |
Perry Ellis International | 8,779 | 159,690 | |
Quiksilver | 47,746b | 289,818 | |
Ryland Group | 18,517a | 770,678 | |
Skechers USA, Cl. A | 16,138b | 341,319 | |
Standard Pacific | 42,801a,b | 369,801 | |
Steven Madden | 16,084b | 693,864 | |
Sturm Ruger & Co. | 8,170a | 414,464 | |
True Religion Apparel | 10,273 | 268,228 | |
Universal Electronics | 5,548b | 128,991 | |
Wolverine World Wide | 22,610 | 1,003,206 | |
12,077,423 | |||
Consumer Services--4.1% | |||
American Public Education | 8,316a,b | 290,145 | |
Biglari Holdings | 663b | 247,425 | |
BJ's Restaurants | 9,299b | 309,471 | |
Boyd Gaming | 19,881a,b | 164,416 | |
Buffalo Wild Wings | 7,289b | 638,006 | |
Capella Education | 6,218b | 193,628 | |
Career Education | 22,690b | 53,775 | |
CEC Entertainment | 8,184 | 268,026 | |
Coinstar | 13,492a,b | 788,203 | |
Corinthian Colleges | 41,756b | 87,688 | |
Cracker Barrel Old Country Store | 9,645 | 779,798 | |
DineEquity | 6,536 | 449,611 | |
Hillenbrand | 27,586 | 697,374 | |
Interval Leisure Group | 18,954 | 412,060 | |
ITT Educational Services | 6,548a,b | 90,231 | |
Jack in the Box | 20,798b | 719,403 | |
Lincoln Educational Services | 6,070 | 35,570 | |
Marcus | 13,987 | 174,698 |
Marriott Vacations Worldwide | 14,071b | 603,787 | |
Monarch Casino & Resort | 4,993b | 48,582 | |
Multimedia Games Holding Company | 11,901b | 248,374 | |
Papa John's International | 8,617b | 532,703 | |
Pinnacle Entertainment | 27,166b | 397,167 | |
Red Robin Gourmet Burgers | 5,855b | 266,988 | |
Ruby Tuesday | 26,210b | 193,168 | |
Ruth's Hospitality Group | 15,956b | 152,220 | |
SHFL Entertainment | 25,886b | 428,931 | |
Sonic Automotive, Cl. A | 15,319 | 339,469 | |
Texas Roadhouse | 25,500 | 514,845 | |
Universal Technical Institute | 8,090 | 102,177 | |
10,227,939 | |||
Diversified Financials--3.3% | |||
Calamos Asset Management, Cl. A | 11,271 | 132,660 | |
Cash America International | 13,863a | 727,392 | |
Encore Capital Group | 10,382a,b | 312,498 | |
EZCORP, Cl. A | 20,432b | 435,202 | |
Financial Engines | 15,758a | 570,755 | |
First Cash Financial Services | 11,756b | 685,845 | |
HFF, Cl. A | 12,589 | 250,899 | |
Interactive Brokers Group, Cl. A | 19,845 | 295,889 | |
Investment Technology Group | 14,224b | 157,033 | |
MarketAxess Holdings | 15,799 | 589,303 | |
Piper Jaffray | 6,035b | 207,000 | |
Portfolio Recovery Associates | 7,800b | 989,976 | |
Prospect Capital | 78,649a | 858,061 | |
Stifel Financial | 25,270b | 876,111 | |
SWS Group | 8,615b | 52,121 | |
Virtus Investment Partners | 2,768b | 515,623 | |
World Acceptance | 6,249a,b | 536,602 | |
8,192,970 | |||
Energy--4.5% | |||
Approach Resources | 12,478a,b | 307,084 | |
Basic Energy Services | 11,848a,b | 161,962 | |
Bristow Group | 16,655 | 1,098,231 | |
C&J Energy Services | 18,712a,b | 428,505 | |
Carrizo Oil & Gas | 15,387b | 396,523 |
Cloud Peak Energy | 25,323b | 475,566 | |
Comstock Resources | 18,917b | 307,401 | |
Contango Oil & Gas | 7,134 | 286,002 | |
ERA Group | 8,243b | 173,103 | |
Exterran Holdings | 28,054b | 757,458 | |
Geospace Technologies | 4,844b | 522,764 | |
Gulf Island Fabrication | 4,769 | 100,435 | |
Gulfport Energy | 27,710b | 1,269,949 | |
Hornbeck Offshore Services | 15,372b | 714,183 | |
ION Geophysical | 55,014b | 374,645 | |
Lufkin Industries | 13,469 | 894,207 | |
Matrix Service | 13,933b | 207,602 | |
PDC Energy | 12,047b | 597,170 | |
Penn Virginia | 23,933a | 96,689 | |
PetroQuest Energy | 18,986b | 84,298 | |
Pioneer Energy Services | 22,646b | 186,829 | |
SEACOR Holdings | 9,181 | 676,456 | |
Stone Energy | 21,935b | 477,086 | |
Swift Energy | 18,435a,b | 273,022 | |
TETRA Technologies | 35,551b | 364,753 | |
11,231,923 | |||
Food & Staples Retailing--.6% | |||
Andersons | 6,042 | 323,368 | |
Casey's General Stores | 16,210 | 945,043 | |
Nash Finch | 6,302 | 123,393 | |
Spartan Stores | 10,404 | 182,590 | |
1,574,394 | |||
Food, Beverage & Tobacco--2.6% | |||
Alliance One International | 45,622b | 177,470 | |
B&G Foods | 20,389 | 621,661 | |
Boston Beer, Cl. A | 3,639a,b | 580,930 | |
Cal-Maine Foods | 5,946 | 253,062 | |
Calavo Growers | 2,945a | 84,757 | |
Darling International | 49,807b | 894,534 | |
Diamond Foods | 7,690a,b | 129,653 | |
Hain Celestial Group | 18,782b | 1,147,205 | |
J&J Snack Foods | 6,103 | 469,260 | |
Sanderson Farms | 9,862 | 538,662 |
Seneca Foods, Cl. A | 5,525b | 182,435 | |
Snyders-Lance | 17,972 | 453,973 | |
TreeHouse Foods | 14,843b | 967,021 | |
6,500,623 | |||
Health Care Equipment & Services--7.1% | |||
Abaxis | 9,313 | 440,691 | |
ABIOMED | 14,668a,b | 273,852 | |
Air Methods | 13,589 | 655,533 | |
Align Technology | 29,351a,b | 983,552 | |
Almost Family | 3,276 | 66,929 | |
Amedisys | 11,034b | 122,698 | |
AMN Healthcare Services | 24,193b | 382,975 | |
AmSurg | 12,561b | 422,552 | |
Analogic | 6,254 | 494,191 | |
Bio-Reference Labs | 12,606a,b | 327,504 | |
Cantel Medical | 6,937 | 208,526 | |
Centene | 22,391b | 986,100 | |
Chemed | 8,850 | 707,823 | |
Computer Programs & Systems | 3,451 | 186,734 | |
CONMED | 14,082 | 479,633 | |
CorVel | 2,744a,b | 135,801 | |
Cross Country Healthcare | 6,587b | 34,977 | |
CryoLife | 20,291 | 121,949 | |
Cyberonics | 11,800b | 552,358 | |
Ensign Group | 5,737 | 191,616 | |
Gentiva Health Services | 12,701b | 137,425 | |
Greatbatch | 11,026b | 329,347 | |
Haemonetics | 20,516b | 854,697 | |
Hanger | 12,888b | 406,359 | |
HealthStream | 8,219b | 188,544 | |
Healthways | 12,930b | 158,392 | |
ICU Medical | 6,345b | 374,038 | |
Integra LifeSciences Holdings | 9,756b | 380,582 | |
Invacare | 16,169 | 211,005 | |
IPC The Hospitalist | 6,648b | 295,703 | |
Kindred Healthcare | 17,014b | 179,157 | |
Landauer | 2,835 | 159,837 | |
LHC Group | 9,125b | 196,096 |
Magellan Health Services | 12,298b | 585,016 | |
Medidata Solutions | 9,375b | 543,562 | |
Meridian Bioscience | 18,671a | 426,072 | |
Merit Medical Systems | 11,892b | 145,796 | |
Molina Healthcare | 13,917a,b | 429,618 | |
MWI Veterinary Supply | 4,619b | 610,909 | |
Natus Medical | 12,735b | 171,158 | |
Neogen | 8,174b | 405,185 | |
NuVasive | 19,453b | 414,543 | |
Omnicell | 15,899b | 300,173 | |
Palomar Medical Technologies | 4,763b | 64,253 | |
PharMerica | 17,303b | 242,242 | |
Quality Systems | 15,901 | 290,670 | |
SurModics | 8,048b | 219,308 | |
Symmetry Medical | 19,815b | 226,882 | |
West Pharmaceutical Services | 13,743 | 892,470 | |
17,615,033 | |||
Household & Personal Products--.6% | |||
Central Garden & Pet, Cl. A | 17,648b | 145,067 | |
Inter Parfums | 5,856 | 143,062 | |
Medifast | 8,880b | 203,530 | |
Prestige Brands Holdings | 21,240b | 545,656 | |
WD-40 | 6,825 | 373,805 | |
1,411,120 | |||
Insurance--2.2% | |||
AMERISAFE | 8,589 | 305,253 | |
eHealth | 7,144b | 127,735 | |
Employers Holdings | 10,935 | 256,426 | |
Horace Mann Educators | 18,812 | 392,230 | |
Infinity Property & Casualty | 4,222 | 237,276 | |
Meadowbrook Insurance Group | 21,240 | 149,742 | |
National Financial Partners | 18,483a,b | 414,574 | |
Navigators Group | 4,852b | 285,055 | |
ProAssurance | 26,514 | 1,254,908 | |
RLI | 6,252 | 449,206 | |
Safety Insurance Group | 4,396 | 216,063 | |
Selective Insurance Group | 20,834 | 500,224 | |
Stewart Information Services | 11,833 | 301,387 |
Tower Group International | 15,650 | 288,745 | |
United Fire Group | 12,000 | 305,640 | |
5,484,464 | |||
Materials--6.6% | |||
A. Schulman | 13,269 | 418,770 | |
A.M. Castle & Co. | 2,824a,b | 49,420 | |
AK Steel Holding | 54,931a | 181,822 | |
AMCOL International | 13,033 | 393,466 | |
American Vanguard | 11,480 | 350,599 | |
Balchem | 12,419 | 545,691 | |
Buckeye Technologies | 17,935 | 537,153 | |
Calgon Carbon | 22,124b | 400,444 | |
Century Aluminum | 23,769b | 183,972 | |
Clearwater Paper | 8,407b | 442,965 | |
Deltic Timber | 4,308 | 296,046 | |
Eagle Materials | 20,737 | 1,381,706 | |
Glatfelter | 22,157 | 518,031 | |
Globe Specialty Metals | 28,093 | 391,055 | |
H.B. Fuller | 21,758 | 850,303 | |
Hawkins | 2,581 | 103,111 | |
Haynes International | 5,132 | 283,800 | |
Headwaters | 30,332b | 330,619 | |
Innophos Holdings | 9,011 | 491,640 | |
Kaiser Aluminum | 8,329 | 538,470 | |
KapStone Paper and Packaging | 16,699 | 464,232 | |
Koppers Holdings | 8,749 | 384,781 | |
Kraton Performance Polymers | 14,345b | 335,673 | |
LSB Industries | 7,958b | 276,779 | |
Materion | 8,997 | 256,415 | |
Myers Industries | 16,934 | 236,399 | |
Neenah Paper | 6,259 | 192,527 | |
Olympic Steel | 2,687 | 64,219 | |
OM Group | 12,003b | 281,830 | |
PolyOne | 45,993 | 1,122,689 | |
Quaker Chemical | 4,764a | 281,171 | |
RTI International Metals | 13,460b | 426,547 | |
Schweitzer-Mauduit International | 15,367 | 595,164 | |
Stepan | 6,446 | 406,743 |
Stillwater Mining | 48,090a,b | 621,804 | |
SunCoke Energy | 34,252b | 559,335 | |
Texas Industries | 8,195a,b | 517,186 | |
Tredegar | 10,597 | 311,976 | |
Wausau Paper | 17,094 | 184,273 | |
Zep | 9,052 | 135,871 | |
16,344,697 | |||
Media--.7% | |||
Arbitron | 12,344 | 578,563 | |
Digital Generation | 8,833a,b | 56,796 | |
E.W. Scripps, Cl. A | 18,392b | 221,256 | |
Harte-Hanks | 18,267 | 142,300 | |
Live Nation | 58,480b | 723,398 | |
1,722,313 | |||
Pharmaceuticals, Biotech & Life Sciences--3.4% | |||
Acorda Therapeutics | 16,942b | 542,652 | |
Affymetrix | 35,857a,b | 169,245 | |
Akorn | 28,920b | 399,964 | |
ArQule | 29,677b | 76,863 | |
Cambrex | 18,590b | 237,766 | |
Cubist Pharmaceuticals | 27,574b | 1,291,015 | |
Emergent BioSolutions | 15,608b | 218,200 | |
Enzo Biochem | 12,412b | 31,278 | |
Hi-Tech Pharmacal | 4,874a | 161,378 | |
Luminex | 17,709b | 292,553 | |
Medicines | 23,654b | 790,517 | |
Momenta Pharmaceuticals | 18,587a,b | 247,951 | |
PAREXEL International | 27,282b | 1,077,912 | |
Questcor Pharmaceuticals | 27,387a | 891,173 | |
Salix Pharmaceuticals | 22,810b | 1,167,416 | |
Spectrum Pharmaceuticals | 21,529a | 160,606 | |
ViroPharma | 30,317b | 762,776 | |
8,519,265 | |||
Real Estate--7.9% | |||
Acadia Realty Trust | 20,127c | 558,927 | |
Cedar Realty Trust | 27,035c | 165,184 | |
Colonial Properties Trust | 37,402c | 845,659 | |
Cousins Properties | 45,168c | 482,846 |
DiamondRock Hospitality | 82,172c | 765,021 | |
EastGroup Properties | 11,472c | 667,670 | |
EPR Properties | 21,562c | 1,122,302 | |
Forestar Group | 16,497b,c | 360,624 | |
Franklin Street Properties | 33,597c | 491,188 | |
Geo Group | 32,370 | 1,217,759 | |
Getty Realty | 7,845a,c | 158,547 | |
Government Properties Income Trust | 21,764c | 559,988 | |
Healthcare Realty Trust | 35,662c | 1,012,444 | |
Inland Real Estate | 32,716c | 330,104 | |
Kite Realty Group Trust | 32,999c | 222,413 | |
LaSalle Hotel Properties | 43,686c | 1,108,751 | |
Lexington Realty Trust | 83,293a,c | 982,857 | |
LTC Properties | 12,182c | 496,173 | |
Medical Properties Trust | 67,894c | 1,089,020 | |
Mid-America Apartment Communities | 19,165c | 1,323,535 | |
Parkway Properties | 16,619c | 308,282 | |
Pennsylvania Real Estate Investment Trust | 24,033c | 466,000 | |
Post Properties | 25,071c | 1,180,844 | |
PS Business Parks | 6,912c | 545,495 | |
Sabra Health Care | 14,930c | 433,119 | |
Saul Centers | 3,911c | 171,067 | |
Sovran Self Storage | 13,907c | 896,862 | |
Tanger Factory Outlet Centers | 38,695c | 1,399,985 | |
Universal Health Realty Income Trust | 4,265c | 246,133 | |
Urstadt Biddle Properties, Cl. A | 7,633c | 166,094 | |
19,774,893 | |||
Retailing--5.0% | |||
Big 5 Sporting Goods | 7,005a | 109,348 | |
Blue Nile | 4,791a,b | 165,050 | |
Brown Shoe | 21,931 | 350,896 | |
Buckle | 11,962a | 558,027 | |
Cato, Cl. A | 12,331 | 297,670 | |
Children's Place Retail Stores | 11,777b | 527,845 | |
Christopher & Banks | 5,094b | 32,754 | |
Finish Line, Cl. A | 21,864 | 428,316 | |
Fred's, Cl. A | 17,024 | 232,888 | |
Genesco | 10,090b | 606,308 |
Group 1 Automotive | 8,107a | 486,987 | |
Haverty Furniture | 7,894 | 162,301 | |
Hibbett Sports | 12,370b | 696,060 | |
Hot Topic | 22,230a | 308,552 | |
JOS. A. Bank Clothiers | 10,683a,b | 426,252 | |
Kirkland's | 7,728b | 88,563 | |
Lithia Motors, Cl. A | 8,358 | 396,838 | |
Lumber Liquidators Holdings | 11,733a,b | 823,891 | |
MarineMax | 5,480b | 74,473 | |
Men's Wearhouse | 20,257 | 676,989 | |
Monro Muffler Brake | 12,622a | 501,220 | |
NutriSystem | 10,892a | 92,364 | |
OfficeMax | 36,484 | 423,579 | |
PEP Boys-Manny Moe & Jack | 21,982b | 259,168 | |
PetMed Express | 8,120a | 108,930 | |
Pool | 19,646 | 943,008 | |
Rue21 | 9,069a,b | 266,538 | |
Select Comfort | 23,678b | 468,114 | |
Sonic | 28,604b | 368,419 | |
Stage Stores | 15,599 | 403,702 | |
Stein Mart | 13,136 | 110,080 | |
Tuesday Morning | 20,624b | 160,042 | |
Vitamin Shoppe | 12,747b | 622,691 | |
VOXX International | 10,795b | 115,614 | |
Zale | 12,238a,b | 48,095 | |
Zumiez | 9,151a,b | 209,558 | |
12,551,130 | |||
Semiconductors & Semiconductor Equipment--4.4% | |||
Advanced Energy Industries | 18,930b | 346,419 | |
ATMI | 12,111b | 271,650 | |
Brooks Automation | 25,010 | 254,602 | |
Cabot Microelectronics | 10,033b | 348,647 | |
Ceva | 10,440b | 162,864 | |
Cirrus Logic | 29,631a,b | 674,105 | |
Cohu | 10,332 | 96,708 | |
Cymer | 12,823b | 1,232,290 | |
Diodes | 14,390b | 301,902 | |
DSP Group | 9,503a,b | 76,689 |
Entropic Communications | 49,643b | 202,047 | |
Exar | 24,887b | 261,314 | |
GT Advanced Technologies | 50,086a,b | 164,783 | |
Hittite Microwave | 10,634b | 643,995 | |
Kopin | 33,071b | 122,363 | |
Kulicke & Soffa Industries | 39,138b | 452,435 | |
Micrel | 25,630 | 269,371 | |
Microsemi | 42,472b | 984,076 | |
MKS Instruments | 23,394 | 636,317 | |
Monolithic Power Systems | 12,417 | 302,602 | |
Nanometrics | 7,865b | 113,492 | |
Pericom Semiconductor | 18,958b | 129,104 | |
Power Integrations | 12,082 | 524,480 | |
Rubicon Technology | 5,484a,b | 36,194 | |
Rudolph Technologies | 18,919b | 222,866 | |
Sigma Designs | 11,989b | 58,386 | |
STR Holdings | 12,343b | 26,784 | |
Supertex | 7,253 | 161,089 | |
Tessera Technologies | 19,840 | 372,000 | |
TriQuint Semiconductor | 61,286b | 309,494 | |
Ultratech | 13,443b | 531,402 | |
Veeco Instruments | 14,839a,b | 568,779 | |
Volterra Semiconductor | 9,264b | 131,549 | |
10,990,798 | |||
Software & Services--6.6% | |||
Blackbaud | 17,192 | 509,399 | |
Blucora | 15,842b | 245,234 | |
Bottomline Technologies | 13,837b | 394,493 | |
CACI International, Cl. A | 11,274a,b | 652,426 | |
Cardtronics | 18,362b | 504,220 | |
CIBER | 27,944b | 131,337 | |
comScore | 11,665b | 195,739 | |
CSG Systems International | 17,029b | 360,844 | |
DealerTrack Technologies | 17,821b | 523,581 | |
Dice Holdings | 24,975b | 252,997 | |
Digital River | 17,051b | 241,101 | |
Ebix | 15,510a | 251,572 | |
EPIQ Systems | 14,311 | 200,783 |
ExlService Holdings | 9,043b | 297,334 | |
Forrester Research | 4,399 | 139,228 | |
Heartland Payment Systems | 18,259 | 601,999 | |
Higher One Holdings | 15,274a,b | 135,786 | |
iGATE | 10,017b | 188,420 | |
Interactive Intelligence Group | 4,602a | 204,099 | |
j2 Global | 18,733a | 734,521 | |
Liquidity Services | 9,912a,b | 295,477 | |
LivePerson | 19,892b | 270,133 | |
LogMeIn | 9,022b | 173,403 | |
Manhattan Associates | 9,518b | 707,092 | |
MAXIMUS | 14,807 | 1,184,116 | |
MicroStrategy, Cl. A | 3,465b | 350,242 | |
Monotype Imaging Holdings | 15,926 | 378,243 | |
NetScout Systems | 18,336b | 450,515 | |
NIC | 24,397 | 467,446 | |
OpenTable | 9,640a,b | 607,127 | |
Perficient | 10,739b | 125,217 | |
Progress Software | 23,606b | 537,745 | |
QuinStreet | 10,892a,b | 65,025 | |
Sourcefire | 12,206b | 722,961 | |
Stamps.com | 5,067b | 126,523 | |
SYKES Enterprises | 18,710b | 298,612 | |
Synchronoss Technologies | 10,649b | 330,438 | |
Take-Two Interactive Software | 34,789b | 561,842 | |
TeleTech Holdings | 13,298b | 282,051 | |
Tyler Technologies | 11,898b | 728,871 | |
United Online | 42,098 | 253,851 | |
VASCO Data Security International | 12,191b | 102,892 | |
Virtusa | 7,339b | 174,375 | |
Websense | 19,893b | 298,395 | |
XO Group | 15,810b | 158,100 | |
16,415,805 | |||
Technology Hardware & Equipment--6.6% | |||
3D Systems | 31,900a,b | 1,028,456 | |
Agilysys | 10,199b | 101,378 | |
Anixter International | 12,245 | 856,170 | |
Arris Group | 50,343b | 864,389 |
Avid Technology | 18,327b | 114,910 | |
Badger Meter | 6,473 | 346,435 | |
Bel Fuse, Cl. B | 4,678 | 73,024 | |
Benchmark Electronics | 28,124b | 506,794 | |
Black Box | 7,708 | 168,111 | |
Checkpoint Systems | 14,398b | 188,038 | |
Cognex | 17,470 | 736,361 | |
Coherent | 10,014 | 568,194 | |
Comtech Telecommunications | 10,106 | 245,374 | |
CTS | 14,660 | 153,050 | |
Daktronics | 14,113 | 148,187 | |
Digi International | 13,128b | 117,233 | |
DTS | 8,106b | 134,803 | |
Electro Scientific Industries | 11,200 | 123,760 | |
Electronics for Imaging | 19,500b | 494,520 | |
FARO Technologies | 6,266b | 271,882 | |
FEI | 16,348 | 1,055,263 | |
Harmonic | 53,499b | 309,759 | |
Insight Enterprises | 22,419b | 462,280 | |
Intermec | 21,561b | 211,945 | |
Ixia | 19,354b | 418,821 | |
Littelfuse | 9,468 | 642,404 | |
Measurement Specialties | 4,603b | 183,061 | |
Mercury Systems | 11,555b | 85,160 | |
Methode Electronics | 10,789 | 138,962 | |
MTS Systems | 7,380 | 429,147 | |
NETGEAR | 15,402b | 516,121 | |
Newport | 14,213b | 240,484 | |
Oplink Communications | 10,378b | 170,199 | |
OSI Systems | 7,248b | 451,478 | |
Park Electrochemical | 7,368 | 186,705 | |
PC-Tel | 8,368 | 59,413 | |
Plexus | 16,339b | 397,201 | |
Procera Networks | 8,172b | 97,165 | |
Radisys | 9,525b | 46,863 | |
Rofin-Sinar Technologies | 10,775b | 291,895 | |
Rogers | 5,648b | 268,958 | |
ScanSource | 11,490b | 324,248 |
Super Micro Computer | 10,040b | 113,352 | |
Symmetricom | 29,755b | 135,088 | |
Synaptics | 14,694b | 597,899 | |
SYNNEX | 13,347b | 493,839 | |
TTM Technologies | 20,468b | 155,557 | |
ViaSat | 15,958a,b | 773,006 | |
16,497,342 | |||
Telecommunication Services--.5% | |||
Atlantic Tele-Network | 5,718 | 277,380 | |
Cbeyond | 16,460b | 122,298 | |
Cincinnati Bell | 76,418b | 249,123 | |
General Communication, Cl. A | 14,726b | 135,037 | |
Lumos Networks | 6,033a | 81,325 | |
NTELOS Holdings | 12,224 | 156,589 | |
USA Mobility | 14,863 | 197,232 | |
1,218,984 | |||
Transportation--1.8% | |||
Allegiant Travel | 6,709 | 595,625 | |
Arkansas Best | 9,749 | 113,868 | |
Atlas Air Worldwide Holdings | 11,360b | 463,034 | |
Forward Air | 13,988 | 521,613 | |
Heartland Express | 19,901 | 265,479 | |
Hub Group, Cl. A | 14,563b | 560,093 | |
Knight Transportation | 22,400 | 360,640 | |
Old Dominion Freight Line | 30,469b | 1,163,916 | |
SkyWest | 26,671 | 428,070 | |
4,472,338 | |||
Utilities--3.9% | |||
Allete | 15,018 | 736,182 | |
American States Water | 9,439 | 543,403 | |
Avista | 24,759 | 678,397 | |
CH Energy Group | 7,176 | 469,239 | |
El Paso Electric | 18,625 | 626,731 | |
Laclede Group | 9,500 | 405,650 | |
New Jersey Resources | 16,474a | 738,859 | |
Northwest Natural Gas | 10,922 | 478,602 | |
NorthWestern | 16,906 | 673,873 | |
Piedmont Natural Gas | 30,570a | 1,005,142 |
South Jersey Industries | 12,387 | 688,593 | ||
Southwest Gas | 18,360 | 871,366 | ||
UIL Holdings | 23,697 | 938,164 | ||
UNS Energy | 16,437 | 804,427 | ||
9,658,628 | ||||
Total Common Stocks | ||||
(cost $174,539,167) | 245,941,135 | |||
Principal | ||||
Short-Term Investments--.1% | Amount ($) | Value ($) | ||
U.S. Treasury Bills; | ||||
0.08%, 6/13/13 | ||||
(cost $154,976) | 155,000 | d | 154,983 | |
Other Investment--1.3% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $3,310,381) | 3,310,381 | e | 3,310,381 | |
Investment of Cash Collateral for | ||||
Securities Loaned--10.7% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $26,703,323) | 26,703,323 | e | 26,703,323 | |
Total Investments (cost $204,707,847) | 110.7 | % | 276,109,822 | |
Liabilities, Less Cash and Receivables | (10.7 | %) | (26,585,780 | ) |
Net Assets | 100.0 | % | 249,524,042 |
a Security, or portion thereof, on loan. At March 31, 2013, the value of the fund's securities on loan was $26,969,175 and the |
value of the collateral held by the fund was $27,620,968, consisting of cash collateral of $26,703,323 and U.S. Government and |
Agency securities valued at $917,645. |
b Non-income producing security. |
c Investment in real estate investment trust. |
d Held by or on behalf of a counterparty for open financial futures positions. |
e Investment in affiliated money market mutual fund. |
At March 31, 2013, net unrealized appreciation on investments was $71,401,975 of which $80,215,144 related to appreciated investment securities and $8,813,169 related to depreciated investment securities. At March 31, 2013, the cost of investments
for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Short-Term/Money Market Investments | 12.1 |
Capital Goods | 10.2 |
Real Estate | 7.9 |
Banks | 7.4 |
Health Care Equipment & Services | 7.1 |
Software & Services | 6.6 |
Technology Hardware & Equipment | 6.6 |
Materials | 6.6 |
Retailing | 5.0 |
Consumer Durables & Apparel | 4.8 |
Energy | 4.5 |
Semiconductors & Semiconductor Equipment | 4.4 |
Consumer Services | 4.1 |
Utilities | 3.9 |
Pharmaceuticals, Biotech & Life Sciences | 3.4 |
Diversified Financials | 3.3 |
Commercial & Professional Services | 3.2 |
Food, Beverage & Tobacco | 2.6 |
Insurance | 2.2 |
Transportation | 1.8 |
Media | .7 |
Automobiles & Components | .6 |
Household & Personal Products | .6 |
Food & Staples Retailing | .6 |
Telecommunication Services | .5 |
110.7 |
† Based on net assets. |
STATEMENT OF FINANCIAL FUTURES | |||||
March 31, 2013 (Unaudited) | |||||
Market Value | Unrealized | ||||
Covered by | Appreciation | ||||
Contracts | Contracts ($) | Expiration | at 3/31/2013 | ($) | |
Financial Futures Long | |||||
Russell 2000 E-mini | 37 | 3,510,930 | June 2013 | 27,387 |
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 245,941,135 | - | - | 245,941,135 |
Mutual Funds | 30,013,704 | - | - | 30,013,704 |
U.S. Treasury | - | 154,983 | - | 154,983 |
Other Financial Instruments: | ||||
Financial Futures++ | 27,387 | - | - | 27,387 |
+ See Statement of Investments for additional detailed categorizations. |
++ Amount shown represents unrealized appreciation at period end. |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended March 31, 2013 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS | |||
Dreyfus Investment Portfolios, Technology Growth Portfolio | |||
March 31, 2013 (Unaudited) | |||
Common Stocks--95.6% | Shares | Value ($) | |
Application Software--8.1% | |||
Citrix Systems | 65,680a | 4,739,469 | |
Informatica | 120,451a | 4,151,946 | |
salesforce.com | 59,250a | 10,595,677 | |
19,487,092 | |||
Communications Equipment--17.4% | |||
Ciena | 626,170a | 10,024,982 | |
F5 Networks | 59,650a | 5,313,622 | |
JDS Uniphase | 328,640a | 4,393,917 | |
Juniper Networks | 564,810a | 10,471,577 | |
Palo Alto Networks | 96,180b | 5,443,788 | |
QUALCOMM | 93,800 | 6,279,910 | |
41,927,796 | |||
Computer Storage & Peripherals--5.0% | |||
EMC | 263,680a | 6,299,315 | |
SanDisk | 105,810a | 5,819,550 | |
12,118,865 | |||
Data Processing & Outsourced Services--4.3% | |||
MasterCard, Cl. A | 10,250 | 5,546,583 | |
Paychex | 139,200b | 4,881,744 | |
10,428,327 | |||
Electronic Components--2.6% | |||
Amphenol, Cl. A | 83,000 | 6,195,950 | |
Electronic Manufacturing Services--2.5% | |||
Trimble Navigation | 199,400a | 5,974,024 | |
Internet Retail--4.4% | |||
Amazon.com | 17,740a | 4,727,533 | |
priceline.com | 8,540a | 5,874,922 | |
10,602,455 | |||
Internet Software & Services--17.5% | |||
Akamai Technologies | 322,600a | 11,384,554 | |
Facebook, Cl. A | 374,000 | 9,566,920 | |
Google, Cl. A | 13,310a | 10,568,539 |
LinkedIn, Cl. A | 60,630 | a | 10,674,518 | |
42,194,531 | ||||
IT Consulting & Other Services--5.8% | ||||
Cognizant Technology Solutions, | ||||
Cl. A | 110,305 | a | 8,450,466 | |
Teradata | 95,230 | a | 5,571,907 | |
14,022,373 | ||||
Semiconductor Equipment--3.0% | ||||
Applied Materials | 547,680 | 7,382,726 | ||
Semiconductors--21.4% | ||||
Analog Devices | 218,480 | 10,157,135 | ||
Avago Technologies | 230,550 | 8,281,356 | ||
Broadcom, Cl. A | 204,580 | 7,092,789 | ||
Taiwan Semiconductor | ||||
Manufacturing, ADR | 336,690 | 5,787,701 | ||
Texas Instruments | 291,590 | 10,345,613 | ||
Xilinx | 263,240 | 10,047,871 | ||
51,712,465 | ||||
Systems Software--3.6% | ||||
Oracle | 271,653 | 8,785,258 | ||
Total Common Stocks | ||||
(cost $201,893,956) | 230,831,862 | |||
Other Investment--4.6% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $11,105,200) | 11,105,200 | c | 11,105,200 | |
Investment of Cash Collateral for | ||||
Securities Loaned--1.6% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $3,923,535) | 3,923,535 | c | 3,923,535 | |
Total Investments (cost $216,922,691) | 101.8 | % | 245,860,597 | |
Liabilities, Less Cash and Receivables | (1.8 | %) | (4,344,201) | |
Net Assets | 100.0 | % | 241,516,396 | |
ADR - American Depository Receipts |
a Non-income producing security. |
b Security, or portion thereof, on loan. At March 31, 2013, the value of the fund's securities on loan was $8,238,974 and the |
value of the collateral held by the fund was $8,365,591, consisting of cash collateral of $3,923,535 and U.S. Government and |
agency securities valued at $4,442,056. |
c Investment in affiliated money market mutual fund. |
At March 31, 2013, net unrealized appreciation on investments was $28,937,906 of which $35,857,615 related to appreciated investment securities and $6,919,709 related to depreciated investment securities. At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Semiconductors | 21.4 |
Internet Software & Services | 17.5 |
Communications Equipment | 17.4 |
Application Software | 8.1 |
Money Market Investments | 6.2 |
IT Consulting & Other Services | 5.8 |
Computer Storage & Peripherals | 5.0 |
Internet Retail | 4.4 |
Data Processing & Outsourced Services | 4.3 |
Systems Software | 3.6 |
Semiconductor Equipment | 3.0 |
Electronic Components | 2.6 |
Electronic Manufacturing Services | 2.5 |
101.8 |
† | Based on net assets. |
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
Level 3 - | ||||
Level 2 - Other | Significant | |||
Level 1 - Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 216,762,805 | - | - | 216,762,805 |
Equity Securities - Foreign Common Stocks+ | 14,0 69,057 | - | - | 14,069,057 |
Mutual Funds | 15,028,735 | - | - | 15,028,735 |
+ See Statement of Investments for additional detailed categorizations. |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Investment Portfolios
By: /s/ Bradley J. Skapyak |
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Bradley J. Skapyak President
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Date: |
May 17, 2013 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
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By: /s/ Bradley J. Skapyak |
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Bradley J. Skapyak President
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Date: |
May 17, 2013 |
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By: /s/ James Windels |
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James Windels Treasurer
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Date: |
May 17, 2013 |
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EXHIBIT INDEX
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
SECTION 302 CERTIFICATION
I, Bradley J. Skapyak, certify that:
1. I have reviewed this report on Form N-Q of Dreyfus Investment Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ Bradley J. Skapyak |
Bradley J. Skapyak |
President |
Date: May 17, 2013 |
1 |
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-Q of Dreyfus Investment Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ James Windels |
James Windels |
Treasurer |
Date: May 17, 2013 |